Guam § 36302 - Legislative Findings and Intent.

§ 36302. Legislative Findings and Intent.

I Liheslaturan Guåhan finds that the activities of mortgage loan

originators and the origination or offering of financing for residential real

property have a direct, valuable and immediate impact upon Guam’s

consumers, Guam’s economy, the neighborhoods and communities of Guam,

and the housing and real estate industry.

I Liheslaturan Guåhan finds that accessibility to mortgage credit is vital

to Guam’s residents.

I Liheslatura also finds that it is essential for the protection of the

residents of Guam and the stability of Guam’s economy that reasonable

standards for licensing and regulation of the business practices of mortgage

loan originators be imposed.

I Liheslatura further finds that the obligations of mortgage loan

originators to consumers in connection with originating or making residential

mortgage loans are such as to warrant the regulation of the mortgage lending

process. The purpose of this Act is to protect consumers seeking mortgage

loans and to ensure that the mortgage lending industry is operating without

unfair, deceptive, and fraudulent practices on the part of mortgage loan

originators.

Therefore, I Liheslaturan Guåhan establishes within this Act:

(a) System of Supervision and Enforcement. An effective system

of supervision and enforcement of the mortgage lending industry,

including:

(1) The authority to issue licenses to conduct business under

this Act, including the authority to write rules or regulations or

adopt procedures necessary to the licensing of persons covered

under this Act.

(2) The authority to deny, suspend, condition or revoke

licenses issued under this Act.

(3) The authority to examine, investigate and conduct

enforcement actions as necessary to carry out the intended

purposes of this Act, including the authority to subpoena witnesses

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and documents, enter orders, including cease and desist orders,

order restitution and monetary penalties and order the removal and

ban of individuals from office or employment.

(b) Broad Administrative Authority. That the Commissioner

shall have the broad administrative authority to administer, interpret

and enforce this Act, and promulgate rules or regulations implementing

this Act, in order to carry out the intentions of I Liheslatura.